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Question: Is our bank required to have an affirmative action program?
Answer: To make this determination you and your attorney will need to look at 41 CFR Part 60-2 entitled Affirmative Action Programs. You'll want to pay particularly close attention to 41 CFR §60-2.1 because it lists those entities that must develop affirmative action programs. Section 41 CFR §60-2.1(a) provides: "The requirements of this part apply to nonconstruction (supply and service) contractors. The regulations prescribe the contents of affirmative action programs, standards and procedures for evaluating the compliance of affirmative action programs implemented pursuant to this part, and related matters."
Section 60-2.1(b) tells you who must develop a program. Pay particular attention to §60-2.1(b)(1)(iii) and (iv):
"(b) Who must develop affirmative action programs.
(1) Each nonconstruction contractor must develop and maintain a written affirmative action program for each of its establishments if it has 50 or more employees and:
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(iii) Serves as a depository of Government funds in any amount; or
(iv) Is a financial institution which is an issuing and paying agent for U.S. savings bonds and savings notes in any amount.
"Government" is defined as the government of the United States of America. "Contractor" means, unless otherwise indicated, a prime contractor or subcontractor. (You'll find both of these definitions in 41 CFR §60-1.3)
If you need additional assistance, you can contact the Department of Labor or go to their website: www.dol.gov. They have a lot of good information there.
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